FOURTH QUARTER AND FULL YEAR RESULTS 2010


Oslo, Norway, 15 February 2011

Bionor Pharma ASA (OSE: BIONOR) today announced financial results for fourth quarter 2010 and provided highlights of key developments during 2010 and current status and outlook.

Please find the Q4 report and Q4 presentation in the attachments and web-cast of Q4 presentation below. 

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HIGHLIGHTS FOURTH QUARTER 2010

• In the phase IIB study, a statistically significant reduction of viral load was shown in immunized HIV-patients compared to placebo and pre-ART levels. This is the first time a reduction in viral load in HIV-patients on ART-therapy has been demonstrated for a therapeutic vaccine in a placebo-controlled study, despite failure to meet the primary endpoints, which were related to immune status.
• Reversal of Vacc-4x write-down in Q3 of MNOK 84.7.
• Filing of patent applications for the main technology platforms (cell-mediated and humoral).
• Divestment of the Nutrilett trademarks to Axellus for a consideration of MNOK 110.
• EBITDA Q4 2010 of MNOK -9.1.
• Cash holdings MNOK 57.9 by the end of Q4 2010, in addition to MNOK 110 in cash early January from the sale of the Nutrilett trademarks. 


KEY FIGURES

 

 Q4 2010  Q4 2009 (In NOK 1000)  FY 2010  FY 2009
 3 956 2 611 Revenue 12 591 20 668
-13 012  -2 101 Other operating expenses (net) -47 779 -17 993
-9 056 510 EBITDA -35 188 2 675
-2 594 -89 Depreciation  -9 980 -353
84 658   Write-down of intangible assets    
73 008 421 EBIT  -45 168 2 322

STATUS AND OUTLOOK


• Ongoing read-out of immunological data, which are expected to be published in Q2.
• Strategic repositioning of Vacc-4x on basis of the clinical data from the phase IIB study and discussions with potential private and public explorative partners.
• Planning of additional clinical trials with main focus on combination therapy and functional cure.
• Preparation of “first time in man” for the second HIV-vaccine candidate, Vacc-C5, a humoral vaccine focused on combating HIV-infection by reducing hyper-activation of the immune system.

For more information, please contact:


Henrik Lund, CEO             hl@bionorpharma.com / +47 23 01 09 62 / +47 90 97 12 19
Rolf Henning Lem, CFO     rhl@bionorpharma.com / +47 23 01 09 61 / +47 97 74 88 45


ABOUT BIONOR PHARMA


Bionor Pharma is an innovative listed Norwegian biotech company developing therapeutic and preventive synthetic peptide vaccines for chronic viral infections. The company designs synthetic peptides from low-mutating parts of the virus, modified to improve immunogenicity, with the aim of improving efficacy and safety profiles.

HIV is the first disease targeted, with advanced cell-mediated and humoral vaccine candidates in clinical and pre-clinical development. The lead HIV-vaccine candidate, Vacc-4x, is a cell-mediated therapeutic vaccine being the first to show statistically significant reduction in viral load in a placebo-controlled study of HIV-patients on ART-therapy.

The technology platform technology is broadly applicable, and the company has a humoral HIV-vaccine vaccine candidate, Vacc-C5 approaching clinical phase and also vaccine candidates in pre-clinical development for several other chronic infections, such as Hepatitis C, Human Papilloma Virus and Influenza.

Bionor Pharma also operates a nutraceutical business consisting of soy-based products for weight management and general health.